23 Oct 2020 14:05
InnovaDerma PLC
("InnovaDerma" or the "Company")
Requisition notice, adjournment of the AGM and progress of CEO appointment
InnovaDerma (LSE: IDP), a UK developer of beauty, personal care and life science products, announces that it has received a requisition notice (the "Requisition Notice") from Edale Capital LLP ("Edale"), a shareholder holding in excess of 5% of the Company's voting capital. The Requisition Notice proposed resolutions to be held at the upcoming AGM for the re-election of Joseph Bayer and Rodney Turner in line with good corporate governance. The Requisition Notice also proposed the appointment of a new director.
Having consulted with its advisors, the Board believes that the best way to comply with the intention of the Requisition Notice is to call a new General Meeting to consider these resolutions. So that shareholders can consider these resolutions at the same time as the AGM resolutions, the Board intends to adjourn the upcoming AGM scheduled for 11 November to the same date and time as the new General Meeting.
It is expected that the adjourned AGM and the new General Meeting will be held in the second half of November. The Company is working with its advisors to put in place the procedures to allow this to happen as smoothly as possible. A formal notice of General Meeting will be produced and issued as soon as possible.
The Board continues to believe that good corporate governance is important to the operation of the Company and supports the proposal to have all directors stand for re-election. The Board is also in the process of interviewing the new director and carrying out normal due diligence on the individual. Following this process, the Board hopes to be able to make a recommendation to shareholders in favour of the appointment of this director.
As announced on 5 August, the Company commenced a formal process for the identification and appointment of a new CEO who will be based in the UK and will be appointed to the Board. The Company is pleased to report the search is progressing very well.
Further announcements will be made in due course.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Further enquiries
InnovaDerma Joe Bayer
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+61 417 870 743
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finnCap Ltd Geoff Nash/Kate Bannatyne Alice Lane/Manasa Patil - Corporate Broking |
+44 (0)207 220 0500 www.finncap.com |
TB Cardew Shan Shan Willenbrock/Tom Allison Olivia Rosser |
+ 44 (0)20 7930 0777 innovaDerma@tbcardew.com
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